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UK fund manager completes reduced storage IPO

Gore Street Energy Storage Fund has raised GBP 30.6m in an initial placement concluded on Monday (May 21), after reining in its initial GBP 75m minimum target earlier in the year.

The fund – which is set to be admitted for trading on the London Stock Exchange on May 25 – had been chasing a reduced GBP 35m target.  

Gore Street aims to grow out its battery storage portfolio with further fundraisings once it has demonstrated it can deliver promised returns on the first issue.

Stockdale Securities is acting as sponsor, broker, placing agent and intermediaries offer adviser to the fund on the IPO.  

Gore Street in March said it had lined up the acquisition of a GBP 11.2m seed pipeline of three battery storage assets with a cumulative capacity of 18MW from sellers including NEC Energy Solutions (NEC ES), a subsidiary of NEC Corporation, and Tesla, with a further pipeline of more than 60 potential projects equating to around 1.34GW of capacity.   

The group is expected to acquire projects backed with National Grid frequency response service contracts, among other revenue streams, and will not take development risk.

The fund referred to “difficult market conditions” in concluding the raise.

The nascent sector is also going through a period of readjustment after seeing its capacity market plans heavily impacted by de-rating changes and fierce competition from gas generators.  

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